When you’re buying a home for sale in Aspen, your real estate agent will protect you by building a home inspection contingency into your contract.
But what is a home inspection contingency, and how does it help you to have one in your contract?
Home Inspection Contingent Offers in Real Estate
The home inspection contingency could be the most important contingency in your purchase contract.
It gives you the right to have the home inspected after you put down an earnest money deposit. It also grants you the right to ask the seller to make repairs, negotiate on the price, or walk away from the deal if the inspection turns up problems you’re not willing to – or can’t – deal with.
Usually, if you end up having to walk away from the deal, the home inspection contingency also allwos you to keep your earnest money deposit. (An earnest money deposit is no small amount, either – it’s usually between 1 and 3 percent of a home’s sales price, which means if you’re trying to buy a $500,000 home, you’ve put down between $5,000 and $15,000. That would really put a dent in your wallet!)
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If something’s seriously wrong with the home, you can ask the seller to fix it. Alternatively, you can ask the seller to take the cost of the repair off the purchase price and have it fixed yourself. A lot of people prefer the second option, because it allows them to choose a contractor and supervise the work to make sure it’s done properly.
Finally, you have the right to walk away from the deal if the seller won’t fix the problem or negotiate with you on the price.
Bottom line: Never, ever waive the home inspection contingency. It’s not in your best interest.
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Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
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